NY S08095

Amends the J-51 tax abatement eligibility requirement by replacing a fixed $30,000 assessed value threshold per dwelling unit with an indexed limitation that adjusts annually for cost-of-living.

Sets the assessed value limitation at $30,000 for final assessment rolls completed before 2017, then increases to $32,000 for 2017 with annual adjustments thereafter.

Ties future assessed value limitations to the Social Security cost-of-living adjustment percentage used by the U.S. Commissioner of Social Security, with each year's limitation calculated by increasing the prior year's limitation by the new adjustment percentage.

Caps the assessed value limitation at $35,000 regardless of cumulative cost-of-living adjustments.

Takes effect immediately upon enactment.